equality and inequality
and regulation
77
government policies reducing
201–3
see also factors impacting e.g
.
effi
ciency
equilibrium and disequilibrium
and effi
ciency
39
,
56
,
85
causes and impact of changes in
61–2
in scarcity and choice
104
macroeconomic policies to correct balance
of payment
118–26
of balance of payments
93–4
of markets
55–6
of prices
55
,
59–62
see also factors aff ected e.g.
demand
;
elasticity
;
supply
equilibrium income
246–7
equimarginal principle
146
equity
and regulation
68
,
69
,
74
intergenerational
203
vs. effi
ciency as driver for government
intervention
199
see also factors impacting e.g
.
effi
ciency
errors and omissions
signifi cance as balance of payments
element
92–3
ethics
as objective of fi rms
181–2
exchange
control of as method of protection
109
in production of goods
19
see also
rates, exchange
exit, market
barriers to
167
expenditure
average propensity to spend
247
fi nanced by borrowing from central
banks
255
role as measure of GDP
225–6
switching and dampening policies
of
119–20
expenditure, aggregate
and government expenditure
248–9
and investment
248
defi nition and characteristics
247–9
see also
determination, income
;
quantity
theory of money
exports
aggregate expenditure and net
249
voluntary export restraints
109
external costs and benefi ts
135–6
external economies of scale
156
externalities
and ineffi
cient resource allocation
135–6
defi nitions
134–5
government intervention to
correct
192–8
problems created by
136–7
failures, information
in relation to goods
35
see also results of e.g
.
hazard, moral;
selection, adverse
failures, market
as justifi cation for government
intervention
68
concept of deadweight loss in
understanding
191–2
economic unions
106–7
economies of scale
154
,
155–8
economists and economies
characteristics of developed, developing
and emerging
23–9
defi nition
2
multiplicity of subjects addressed
by
13
types
22–5
see also
development, economic;
macroeconomics and macroeconomy
;
microeconomics and microeconomy;
performance, economic
see also features e.g.
change;
enterprise;
labour
;
resources
;
transition
see also processes e.g.
exchange;
specialisation
economies, developing
classifi cation of according to external
trade
238
defi nition and characteristics
130–34
,
232–9
dependency as problem for
258
open and closed economies
245
purpose and role of international trade
and FDI
258–9
purpose and role of multinational
investment in
259–60
shadow economies
227
see also
development, economic;
macroeconomics and macroeconomy
;
microeconomics and microeconomy;
performance, economic
see also features e.g.
change; enterprise;
labour
;
resources
;
transition
see also processes e.g.
exchange;
specialisation
eff ective demand
40
eff ects, income and substitution
use of indiff erence curves in
deciding
148
effi
ciency
and notion of equilibrium and
disequilibrium
39
,
56
,
85
defi nition and characteristics of
economic
130–34
in scarcity and choice
104
vs. equity as driver for government
intervention
199
see also
factors impacting e.g.
externalities
;
failures, market
see also tools e.g.
cost-benefi t analysis
elasticity
cross elasticity of demand
48–9
,
52
examples of concept
44
income elasticity of demand
48
,
51–2
price elasticity of demand
44–7
,
49–52
price elasticity of supply
53–4
unit elasticity
46
embargoes
109
employment
full employment
241
see also
labour;
unemployment
enterprise
role in modern economy
26–7
enterprises, small and medium (SMEs)
159
entry, industry
barriers to
160
,
161
,
166–8
demand, aggregate
components
80
interaction with aggregate supply
84–5
see also
curves, aggregate demand
demerit goods
35–6
dependency
as problem for developing economies
258
ratios of
236
depreciation
consequence of changing foreign exchange
rates
98–9
derived demand
204
determination, income
accelerator theory of
252–3
autonomous and induced investment as
element of
251–3
infl ationary and defl ationary gaps
250–51
devaluation
consequence of changing foreign exchange
rates
98–9
development, economic
comparison of performance over time and
between countries
226–8
defi nition and characteristics
218–19
impact of corruption and legal
frameworks
261
impact of external debt
260
indicators of
230–32
role of IMF and World Bank
260–61
role of multinationals, investment and
international trade
258–60
role of statistics in measuring
224–5
signifi cance for macroeconomics
125
see also
aid, economic
;
growth, economic
;
sustainability
see also factors impacting e.g.
gross domestic
product; gross national income
;
gross
national product
;
income;
performance,
economic; standards, living
development, human
human development index (HDI)
231
diminishing marginal utility
146
diminishing returns
151
direct taxes
70
discretionary fi scal policy
115
discrimination, price
184–5
diseconomies of scale
154
,
155–8
disequilibrium
see
equilibrium and
disequilibrium
disinfl ation
and defl ation
89–90
disposable income
247
dissaving
247
distribution, income
classifi cation of economies according
to
237–8
diversifi cation, fi rm
175–6
diversion, trade
characteristics and eff ects
107–8
drag, fi scal
88–9
dumping
trade and economic protection of
110
dynamic effi
ciency
133–4
earnings, transfer
and economic rent in labour
markets
209–10
economic rent
209–10
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